The Development Bank of Nigeria (DBN) in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has launched an innovative Equipment Leasing Initiative designed to enhance financing options for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. The event took place at DBN’s office in Victoria Island, Lagos, attracting key stakeholders including representatives from DBN, GIZ, Equipment Leasing Association of Nigeria (ELAN), financial institutions, MSME owners, and media professionals.
Key Highlights from the Launch
Opening Remarks by DBN COO, Bonaventure Okhaimo:
Bonaventure Okhaimo, Chief Operating Officer of DBN, described the initiative as a transformative approach to alternative financing for MSMEs, which are crucial to Nigeria’s economic growth. He stated:
> “This initiative that we have successfully launched today is expected to have a profound impact on the MSME ecosystem, which is a critical driver of economic growth, job, and wealth creation in our country. By facilitating easier access to essential equipment, DBN and GIZ are directly addressing one of the major hurdles faced by small businesses, thereby enhancing their competitiveness and capacity for innovation.”
Comments from GIZ Representative, Markus Wauschkuhn:
Markus Wauschkuhn, Head of Programme, GIZ Nigeria/SEDIN, emphasized the vital role MSMEs play in Nigeria’s economy:
> “In Nigeria, MSMEs play a pivotal role in propelling economic growth, contributing to job creation, innovation, and sustainable development. They serve as the backbone of the Nigerian economy with huge contributions to her GDP.”
Insights from ELAN CEO, Andrew Emonuwa:
Andrew Emonuwa, Executive Secretary/CEO of the Equipment Leasing Association of Nigeria (ELAN), praised DBN and GIZ for the initiative, especially during challenging economic times:
> “I must commend the Development Bank of Nigeria and its partners for coming up with such a creative concept. We are so excited about this initiative because it will deepen the penetration of leasing for MSMEs and reshape the economy for sustainable growth.”
Objective and Impact of the Initiative
The MSME Equipment Leasing Initiative aims to:
– Facilitate Access to Equipment: Addressing a significant barrier for MSMEs by making essential equipment more accessible through leasing options.
– Enhance Competitiveness and Innovation: Enabling small businesses to improve their operational efficiency and innovative capacity.
– Support Economic Growth* Strengthening the MSME sector, which is a critical driver of Nigeria’s economic growth, job creation, and wealth generation.
The launch of the MSME Equipment Leasing Initiative marks a significant step toward supporting the sustainability and growth of small businesses in Nigeria. By providing alternative financing solutions, DBN and GIZ are not only helping MSMEs overcome financial hurdles but also contributing to broader economic stability and development. This initiative is expected to create a more robust and innovative MSME sector, thereby fostering sustainable economic growth in Nigeria.
